Banco BPI today announced that its bank charges will increase from the May 1, 2019.
The lender stated that costs for MB Way transfers, (the first inter-bank solution which enables purchases and immediate bank transfers via smartphones and tablets) will rise significantly from 0.20 cents to €1.20 per transaction.
However, according to Eco newspaper all money transfers completed using SIBS (National Electronic Payment Service) whether intra or interbank will incur a €1.20 fee.
However, BPI is not the only bank who charges for this mobile payment application as Novo Bank charge 0.15 cents, Caixa Geral de Depósitos 0.20 and BCP €1.35. Only Santander offers a free MB Way service.
In addition to their increased fee, the bank has also announced that it will be charging 0.34 cents per month for the maintenance of their minimum banking service accounts. This service is currently free.
Finally, the bank will be charging more for over the counter coin deposits and chequebooks.
This news item is reproduced courtesy of Madeira Weekly - 'latest news for foreign residents'